INDIA’S DEMAND FOR ‘SMART PARKING’ DRIVING INNOVATION

India was the fastest growing large car market in 2015. One of the challenges, from a driver’s perspective, is how to manage their parking needs in major urban centers not yet equipped to handle this growth.

At 7.64% growth over 2014, Indians purchased ~2 million passenger vehicles during 2015. the most of any nation globally. Combined with its population density levels, parking problems across our its major cities like Mumbai, Delhi, Bangalore and Chennai have become common.

To address thse issues Smart Parking Apps have become a demand-driven market. Broadly these apps are either Real Time or On Demand Parking & Valet Services. One of the connected transport accelertator AUTONEBULA’s start-ups, Nearpark, partners with garage owners and uses smart multi-layered data points to provide consumers with real-time updates on nearby off street parking spaces.

GetmyParking which allows drivers to book parking slots around the National Capital Region of India;

Justpark, active in Bangalore, and also allows drivers to book parking spots;

PParke that helps drivers navigate to a parking space with automatic payment for some spaces; and

Constapark, offering drivers ‘valet on demand’ by selecting a destination with an experienced valet driver waiting to park your car

This flourishing parking market in India is analogous to the ‘ride hailing’ market in the U.S. While Uber emerged as the leader among many compeitiors this can change over time as fast followers offer variations and improvements.

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